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American Express Ventures is the latest investor in FalconX, a cryptocurrency trading platform targeted at institutional customers.

The company disclosed the investment size, though it comes after a $17M venture investment round for FalconX, announced in May.

The round included Accel, Accomplice VC, Avon Ventures, Coinbase Ventures, Fenbushi Capital, Flybridge Capital, and Lightspeed Venture Partners.

“FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing all in one place,” said Harshul Sanghi, the Global Head of American Express Ventures.

Amex Ventures invests in startups as a way to better understand emerging areas of the payments ecosystem, and we are pleased to support FalconX as it continues to drive innovation in the digital asset space, including digital currencies.”

Together with the investment announcement, FalconX revealed that the revenue had grown 350% since May, with a 150% growth in institutional customers, up to 250 in total. The transaction volumes have tripled to around $3B per month, and its new FalconX Credit service saw over $1B in transactions in November.

FalconX is emerging as a leading platform for firms looking to enter the market as the institutional interest in cryptocurrency grows.

“We’re seeing growing interest from traditional asset managers who are adding cryptocurrencies as an inflationary hedge, catalyzed by recent macro-economic policies,” said FalconX co-founder and CEO Raghu Yarlagadda. “It is a great pleasure to welcome American Express Ventures as we continue to invest in expanding FalconX’s product offering.”

Last June, FalconX announced a partnership with PayPal-backed startup TRM Labs to monitor transactions in real-time, providing an insight into potential money laundering and other illegal activities taking on the platform.

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